Ninjastic
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Board Development & Technical Discussion
Re: Why do some people pay illogically high fees for transactions?
by
philipma1957
on 06/05/2023, 00:41:35 UTC
Quote from: Synchronice on May 05, 2023, 09:10:41 PM
Quote from: philipma1957 on May 05, 2023, 08:38:40 PM
Quote from: Synchronice on May 01, 2023, 08:15:14 AM
Look at this Transaction[1]. It paid 15x more than it was necessary to get confirmation. It paid $38.77 in fees for transaction that worth $180. If you have a look at old transactions of this wallet, it was always paying optimal fees.
I don't really know what happened there, while it paid 5x more than recommended, actually $10.56 was spent in fees while transacted amount was $1.41, check: Transaction[2]
And here - Transaction[3], someone even paid 56x more.

Is this done on purpose by some miners to increase the overall transaction fees and collect more fees?

Edit: I had to open this thread on Bitcoin Technical Support board, sorry  Undecided .

first off you don't understand miners at all if you need to ask that question.

I have a thread that explains how major pool operators can jack fees up and still make money do in.

You need to have control of 30% of the network to do the manipulation I explained in the thread.

https://bitcointalk.org/index.php?topic=2634505.0

Now why a person is willing to pay the fees you found I don't know.

I do know why these fees are fairly high and will continue to be high.

BTC has a flawed fee setup that can be manipulated.
Thank you very much for linking that explanation. So, is that the reason why we can't make a bitcoin fork and increase the block size? Since it requires adoption by every active, significant full node and definitely Antpool and btc.com won't support it and this is a deal breaker here, right? But at the same time Antpool was one that made a btc fork and increased block size, then called it Bitcoin Cash but simultaneously, people don't support bitcoin cash. It's a little bit strange.

that thread is a bit old but still has value.

I have been so busy mining  and to explain in full detail about how some of those ideas and other ideas can be used to explain how fees can be twisted and distorted would take me weeks to do the thread. To give some explanations of the lack of balance in the fee structure and how we stand today. vs 2014 or 2016 or 2018 or 2020.

Bottom line is the fee setup is subject to attack at little or no cost if any major pool gets involved in the attack.

I am a small commercial miner maybe 160kwatts  of gear which is a drop in the bucket.

But if you have 100 megawatts and work with a large pool  with a few other big mines you can really do a whole lot to move fees from 0.15 btc a block last year to 1.50 btc a block now. I do think this is happening now.

But I also think it means we are about to see a large btc price increase. As this super sized blocks seem to happen in the beginning of bull runs.